Is there a MySql binary dump format? Or anything better than plain text INSERT statements?

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Is there anything better (faster or smaller) than pages of plain text CREATE TABLE and INSERT statements for dumping MySql databases? It seems awfully inefficient for large amounts of data.

I realise that the underlying database files can be copied, but I assume they will only work in the same version of MySql that they come from.

Is there a tool I don't know about, or a reason for this lack?

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